2017

Stories related to "Editor Pick".

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The Survivor

José Antonio Álvarez, ’96 (EXP-1), has seen some of banking’s darkest hours. He was elevated to CEO of Madrid-based Banco Santander a year ago—with Europe still struggling to climb out of an economic malaise and the Greek debt crisis threatening to destabilize the fragile eurozone. Álvarez had been through worse. He was named CFO of the bank 10 years earlier, as the housing bubble was about to peak, then burst, hobbling highly leveraged US and European banks. Yet Santander emerged as Europe’s seventh largest bank, with assets of more than $1.5 trillion. Of course Santander was by no means immune to the crisis that engulfed Europe and its banks, with Spain’s overleveraged construction industry contributing to the frenzy. “The worst was summer 2012,” Álvarez said. It’s when Spain was downgraded by the three major ratings agencies, “a few notches in one shot” from Fitch, Moody’s, and Standard and Poor’s. However, through it all, Santander never posted a quarterly loss, unlike many of its European peers, including BNP Paribas, Crédit Agricole Group, and Deutsche Bank. Royal Bank of Scotland suffered such steep

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A Bowl of Cashews

Sometimes you feel like a nut; sometimes you don’t. And sometimes you wish you didn’t have to decide. A quiet revolution in economic thinking instigated by Richard H. Thaler traces its beginnings to a dinner party he hosted in the 1970s. As Thaler explains in his latest book, Misbehaving: The Making of Behavioral Economics, the guests while waiting with cocktails for the meal, were devouring the cashews—the entire bowl half-eaten in minutes. So Thaler, worried that his guests would fill up on the salty snacks, whisked the bowl away. He recalled that when he came back, his friends thanked him for it (and found themselves with room to enjoy a big dinner). “But then, since we were economics graduate students,” Thaler recalled, “we immediately started analyzing this. Because that’s what economists do.” Even cashews could hold the key to unlocking insights about our idiosyncratic behaviors. Without the temptation of the nuts, he said, “We realized that a.) we were happy, and b.) we weren’t allowed to be happy, because a first principle of economics is more choices are better than fewer choices.”

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Of Like Minds in the C-Suite

When an organization’s CEO and CFO both hail from Booth, there’s a common methodology to problem solving that cuts to the chase. In a fast-moving environment, according to Byron David Trott, AB ’81, MBA,’82, founder, chairman, and CEO of BDT & Company, applying “the same disciplined approach” as his Booth-trained CFO Mike Burns, ’03, speeds decision making and removes unnecessary drama from the equation. This doesn’t mean that they always agree—far from it. Maria Kim, ’12 (XP-81), CEO of Chicago-based the Cara Program, describes her CFO Carla Denison-Bickett, ’04, as “a healthy agitator.” But in many ways, the open debate leads to increased dynamism that infects the entire leadership team. At BDT & Company in Chicago and Oaktree Capital Management in Los Angeles, the CFOs were the first and most significant external hires by the founding CEOs—and the pairs are still together. At Oaktree, it’s been 20 years as a team for CEO Howard Marks, ’69, and David Kirchheimer, ’78. Kim and Denison-Bickett have led nonprofit the Cara Program for the past year, but previously worked at the organization

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The Colombia Conversation

Juan Esteban Calle Restrepo, ’94, heads Medellín-based EPM, the largest public multi-utility company in Colombia. Calle recently discussed the economic prospects for Colombia and Latin America with Santiago Umaschi, ’11, managing partner of a Boston-based strategy consulting firm that specializes in international markets. Umaschi works with a nonprofit arm of EPM that helps small and midsize companies in Medellín find export markets. Umaschi reached out to Calle on a visit earlier this year— the two met for the first time over coffee, and talked about the city’s prospects. They continued the conversation in a summer phone call. Umaschi: I commute from Boston to Medellín from Boston twice a month, and I find the geography to be striking. With the Andes all around you, you’re surrounded by a wall of green. At first I was a little claustrophobic, but then the city grows on you. The people are proud of their city. The metro cannot be cleaner. If you call the car service for a 5 a.m. pickup,

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Craig Bouchard, '81

I spent nearly 20 years in banking. I was lucky having been chosen for the First Scholar Program at First Chicago. Every six months I chose a rotation and a new boss. I was a sponge. Landing in television, newspapers, and movie finance, the bank gave me a very high lending limit. We did a lot of deals. I was 23 at the time. Young bankers don’t have enough responsibility today. I learned the importance of making zero mistakes. Set the leadership bar really high and jump over it. They will follow you. I never had a sales job. Instead, I’ve been a risk manager much of my career. I think about business like this: How do you reduce the risk? Eliminate all the risk and you reach nirvana. A business is fascinating in its first few years. Knowing most start-ups don’t survive, you live on the edge. You find out how good you really are. My handshake is my contract. Old fashioned, you might be thinking. Wrong. If people trust you, it’s powerful. Trust and ethics create an oasis of opportunity. When I submitted our $525 million bid to purchase Real Alloy in March, the company’s CEO trusted me to get to the finish

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Chandra Greer,'90

Style: I wear sneakers with just about everything—suits, dresses, and skirts. They’re easy, casual, and stylish. Plus, I have two kids and run a retail store, so I’m on my feet a lot. These, from Italy, have a particularly graceful, bohemian, beat-up luxury that elevates sneakers to an art form. Travel: I was last in Namibia in the spring of 2014, and it’s an experience I will treasure always. This is a land of extraordinary physical contrasts—other-planet-like sand dunes, sweeping coastal views, and low, lush mountains. The Himba women there, in the way they coat their hair and skin with a paste of red ochre, are striking and beautiful. Art: Henry Darger Henry Darger was the ultimate outsider artist, iconoclastic and super private. I first became aware of him because he lived in a boardinghouse across the street from where I used to live in Chicago. When he died, in the early '70s, his landlord found a bunch of huge murals and a giant illustrated book. He did all of his artwork just for himself, and now it’s extremely valuable. I’m really drawn to that internal expression because it’s

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Stepping Back In

It was time for Susan Hopkinson, ’97, to stop apologizing for taking a break from her career. After graduating from Chicago Booth, she excelled professionally with the internet boom of the late 1990s. Hopkinson joined J. P. Morgan’s investment-banking program as an associate. Then, she joined the Japanese investment bank Nomura International as a principal late-stage technology investor. When her fiancé was transferred to San Francisco, where her employer had plans to open an office, the couple moved to the Bay Area. Then came 9/11. At the time, Nomura had its New York office in the World Financial Center, and it decided to consolidate its employees in London. Hopkinson didn’t want to uproot her new life on the West Coast, so that left her amid a lot of out-of-work MBAs, stranded in a city where she had few professional connections. After a short stint consulting with a small secondary fund, in 2002, she earned a position as a fund-of-funds investment manager at Paul Capital Partners, known for its pioneering of the secondary market. A self-proclaimed finance geek, Hopkinson loved the work. “It was very technical but also focused on relationship building with venture-capital firms, so I was really qualified, and I felt very lucky,” she said.

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Meet the Dean

Incoming dean Madhav V. Rajan shares his personal story and lays out his vision for Chicago Booth’s future—including the critical role that Booth’s global alumni network plays in building on the school’s successes. Chicago Booth Magazine: You’ve called yourself a “lifelong learner.” Can you take us back and share an anecdote about a moment in your childhood or school years that sparked your interest in business and/or academia? How can Booth instill a similar love for learning in future generations? Dean Rajan: Steve Jobs famously noted that you can only connect the dots looking backward, and that is certainly true in my case. I did not think through or plan out my career. My decision to study business for my undergraduate degree was based purely on the fact that my older brothers were engineers and I wanted to learn something different. I then moved to pursue a master’s degree at Carnegie Mellon University, for the simple reason that my father worked in Pittsburgh. I did well in my first-year courses and was approached by a faculty member, who asked whether I had considered doing a PhD. I had not, but he persuaded me by noting that I would get paid to study, which seemed an amazing concept! This particular professor was in accounting, and that’s how I ended up in that field. However, Carnegie was unique in not having an economics department separate from the business school. Every student in accounting, economics, and finance did virtually the same coursework. Looking back, I have benefited immensely from the breadth of study and interdisciplinary training I received at Carnegie. Even then I wasn’t sure I would become an academic. Many of my PhD friends ended up in consulting, and I always thought the same would happen to me. But I liked academic research and teaching and was successful at it, so when I got a job offer from Wharton, it was an opportunity to keep going. Coming to Booth, I am firmly of the view that the school should support lifelong learning for its alumni. Two years ago, the school launched Back to Booth, which are short, nondegree classes for alumni. These courses provide opportunities to relive the Booth classroom experience with fellow alumni, and to learn about the latest ideas from faculty across the school. I cannot imagine a better way for alumni to keep connected with the school and to continue to learn from our great instructors and the latest ideas they are working on.

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On Exhibit

Besides being three of Chicago’s most iconic museums, the Shedd Aquarium, the Adler Planetarium, and the Museum of Science and Industry have something else in common: their CFOs are Chicago Booth alumnae. Joyce Simon, ’75; Marcia Heuser, ’87; and Rose Fealy, ’89, each spent at least part of their careers working at for-profit corporations before assuming their respective roles at the Shedd, the Adler, and the MSI. Chicago Booth Magazine brought the three women together to talk about the complexities of balancing the books at a world-class museum, the rewards of contributing to the mission of each organization, and how more women can join them in the C-suite.

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Judgment Call

In many disciplines—financial accounting, for example—if you try to practice without any sort of formal education, you could very well end up in jail, says Jane L. Risen, professor of behavioral science. But when it comes to decision making, everybody is making personal and professional decisions all of the time without any formal guidance. Risen's class Managerial Decision Making is designed to provide that: a framework to actively recognize when decisions are likely to go wrong so that you can identify what you might be able to do to make them better.

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The View From Tokyo

No matter your industry, the draw to live in Tokyo is readily apparent: ultramodern transport, a fast-paced yet family-friendly lifestyle, and so many great restaurants that residents can hardly agree on a top-10 list. Add in the active contemporary art scene, buzzing nightlife, and neighborhoods brimming with longstanding cultural traditions, and it’s clear why Tokyo’s population is nearing 14 million, and growing. <br/>More than 500 Booth alumni live in Japan, many of whom call this modern-meets-traditional metropolis home. Almost 20 percent of Booth’s tight-knit alumni here work in the banking industry, with other contingents in general management, consulting, and marketing. Those that work in Tokyo are increasingly focused on connecting with prospective students.

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Soar Winner

Having a biology teacher for a father has its perks. “As a kid, I always enjoyed going into the classroom and putting a snake around my neck,” said Louise Shimmel, ’77, executive director of the Cascades Raptor Center in Eugene, Oregon. Watching her father rehabilitate injured tortoises and bobcat kittens left a lasting impression on Shimmel. “I really credit him with my deep and abiding respect for animals.” This respect grounds Shimmel’s work at the center, which helps rescue more than 300 animals per year. The center also creates teachable moments for the 30,000 visitors who come each year to see the 50 birds of prey on site, including eagles, hawks, owls, ospreys, vultures, and falcons.

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Pioneers in Education

Booth graduates eager to make an impact are finding new ways to apply their MBA—by taking on one of the toughest challenges in the United States today. A growing cadre of Booth alumni are gravitating toward the education sector and applying their business background in a variety of roles, all with the goal of making a difference in the lives of students. It’s an area that badly needs more innovation. In the United States just 59 percent of students who enter a four-year college graduate within six years, according to data from the US Department of Education. And in 2015, 46 percent of scientists rated STEM education for grades K through 12 as being below average, according to the Pew Research Center. For some alumni this less-than-stellar data offers an opportunity to take their careers to different corners of the education landscape—from nonprofit management and school leadership to consulting, investing, and edtech, to name just a few. The combination of addressing some of the nation’s most pressing problems while doing work that’s meaningful on a daily basis is a powerful draw. Meet six alumni advancing bold ideas and envisioning new solutions for the classroom and beyond.

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What Is the Business Potential of Blockchain?

Eric Budish is professor of economics and a director of the Initiative on Global Markets at Chicago Booth, as well as a research associate at the National Bureau of Economic Research. His recent paper on cryptocurrency, titled “The Economic Limits of Bitcoin and the Blockchain,” was published in June: "I’m skeptical that Bitcoin—or other similar cryptocurrencies—will become what cryptocurrency believers fantasize about. Some fantasize it will become the global currency or a global store of value like gold. Some imagine it will become an important part of the global financial system, another currency alongside dollars and euros that moves around the world in serious quantities. My paper is trying to make an argument that’s quite skeptical of these possibilities. Satoshi Nakamoto, the anonymous founder of Bitcoin, came up with an ingenious way of creating trust in a database without a centralized, trusted party. I respect it as a computer science innovation, but my research shows it’s a really expensive way to generate trust because it’s only as trustworthy as the cost of attacking it. That cost is within the reach of eccentric billionaires, and certainly within the reach of a nation. Elon Musk could not attack the US Federal Reserve system, but he could attack Bitcoin. <br/>

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The View From Mumbai

Mumbai’s Booth alumni network is as large, diverse, and energetic as the city itself. Through events such as impromptu beer-and-chat sessions and the annual Pan-India Booth Alumni Retreat (PIBAR), Mumbai’s more than 150 Booth graduates stay connected and serve as the first port of call in India for any Boothie looking for help. Although Mumbai is India’s financial center, Booth alumni here work not only in the financial services sector but also in retail, healthcare, technology, and even the Hindi film industry, with one graduate having started a film training school. Many Boothies run family businesses, foundations, consultancies, or startups, and some work in the development sector.

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Worth the Risk

The Challenge: For most homeowners, buying insurance isn’t a customer-friendly experience. It takes time working with an agent and finding answers to numerous detailed questions. Filing claims can be arduous, and agents might not keep up with clients’ life changes, potentially leaving them underinsured. “They don’t even call you a customer; they call you a policy holder,” said Assaf Wand, cofounder and CEO of insurtech company Hippo. The Solution: Wand wanted to use technology to streamline the customer experience, but first he needed to learn the industry. Starting in 2015, Wand used his Booth training to break down insurance regulations and compliance into their smallest parts in order to understand how to build Hippo’s customer-centric model from scratch. “Basically we locked ourselves in the office for two years to figure this thing out,” he said.

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This is Working for Me: Arnold Donald, ’80

After Arnold Donald, ’80, retired at 51 from a long and successful career spent largely at agricultural giant Monsanto, he followed his passions: He bought a minor league basketball team. He indulged his love for dancing. And he joined boards, including that of Carnival Corporation, the world’s largest cruise company. Fast-forward eight years to 2013, and Carnival Corporation’s founders and board were calling him out of retirement to lead a turnaround of the profitable but tarnished brand. Donald hesitated—He was retired! Dancing with the stars!—but he ultimately accepted. “It felt like the right thing to do,” said Donald. “I’d been on the board 13 years. I knew the company, the state of its business, and its strong foundation. It wasn’t like I was walking into failure,” he said. The founders and board chose well: in the five years since Donald took the helm, Carnival Corporation’s stock price has doubled and its market cap has soared 74 percent, to $47 billion—even though, worldwide, there’s only a small number of shipyards capable of building new cruise ships, limiting capacity growth, and ever-changing but ever-present geopolitical hot spots that close popular routes.

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In Search of the New Economy

Day in and day out for four years, Elatia Abate, AB ’99, MBA ’08, interviewed people who were going through the motions. As a senior human resources executive in the corporate world, she met with candidates applying for a position, but whom she suspected weren’t actually interested in the job. <br/><br/>It’s a problem that cuts across industries: a survey conducted of 17,000 American workers in 19 industries by the nonprofit groups Mental Health America and the Faas Foundation found that 71 percent of respondents didn’t like their jobs. Their passions—and, as Abate would come to realize, her passions—lay elsewhere.<br/>“I was tired of meeting people who were fabulous but not interested in the work they were doing,” said Abate, quietly admitting out loud that she wasn’t interested in her work either.<br/><br/>So she did what many people dream of doing but few people actually do: she jumped ship. Abate launched her own freelance executive coaching business. Then, in January 2017, she hit the road, embarking on a year of remote work to get a firsthand perspective on the changing nature of today’s economy. She packed her entire life into a storage unit, with the exception of a carry-on bag and a suitcase, and set off.

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CAN Do Attitude

Let’s say that you are a smart, driven entrepreneur with a groundbreaking idea to revolutionize food packaging and eliminate all those Styrofoam containers littering the landfill. You’ve got a patent. You’ve got passion. What you don’t have is money. Plus you are in Europe, where early-stage investing tends toward the risk averse. What to do? If you are startup ValueForm and your CFO is Mandar Kulkarni, ’10 (EXP-15), you put your pitch together and take it to CAN, the Chicago Angels Network in London. Founded in 2012 by Shehreyar Hameed, ’05; Jonathan Weiss, ’00, MD ’01; and Rama Veeraragoo, ’12 (EXP-17), the global network of domain experts, mentors, and angel investors gives Booth graduates a chance at early-stage investment opportunities with entrepreneurial startups and extends the school’s commitment to innovation. In early 2012, Hameed had started investing in startups, and developed the idea of CAN to provide access to compelling investment opportunities to the Booth alumni network in London, elsewhere in Europe, and globally. “I wanted to invest and help entrepreneurs harness our strong, global, and diverse network of deep domain expertise to build successful businesses,” said Hameed, a senior financial professional based in London. “Hence the motto, ‘Engage! Mentor! Invest!’ It’s about setting young companies on the right path and opening doors for them. That’s where the real value comes from.”<br/>

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Checking In

The Challenge: FibraHotel (FIHO), a Mexican real estate investment trust (REIT), had good partnerships with local operators and wanted to expand its hotel portfolio with international brands. Previous negotiation attempts with international franchises and hotel operators were not successful because they weren’t willing to negotiate beyond the standard international deal terms and US hotel standards that are generally used internationally. The Strategy: Guillermo Bravo Escobosa joined FIHO following the REIT’s successful initial public offering in 2012. FIHO built a reputation as a solid developer and real estate owner, and it had the capital necessary to secure strong growth in hotels in Mexico. At the same time during which FIHO wanted to grow its hotel portfolio in Mexico, it was looking for a new international partner with whom it could reach an agreement similar to those FIHO had previously negotiated with its local partners—a new international partnership that would better align incentives for both parties. FIHO wanted to find an international partner and develop a deal that was based primarily on a variable fee structure, rather than a standard top-line heavy fee structure deal. Additionally, FIHO wanted its international partner to be willing to “tropicalize” its products to the Mexican market and invest in expanding local operations teams. <br/>

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The Book of Booth: Sinuhe Arroyo, ’11 (EXP-16)

Armed with a PhD in artificial intelligence from the University of Innsbruck, Taiger founder and CEO Sinuhe Arroyo, ’11 (EXP-16), came to Booth to hone his vision of building a global AI business. The result: a company that has offices in five countries and is becoming a global leader in cognitive automation for the financial sector. CBM: What was the genesis of your idea for Taiger? Arroyo: After completing my PhD and my first acquisition, I realized that I wanted to build my own business and play to my strengths. I took some of the research that I had been doing during my PhD and started building a product. In that sense, we are a textbook case of technology transfer from academia to business. Because I had a strong academic background, the transition to run a business was not necessarily easy. However, the Executive MBA Program helped me put the pieces of the puzzle together. You start realizing how you can assemble the business, and everything starts to make sense. You think, “Why is this not working? Why is this like that? Boom, that’s why it’s not working.” And then it just flows. That’s a beautiful feeling. CBM: How did the Executive MBA Program help you acquire new customers? Arroyo: It boils down to building trust and negotiating. I am constantly negotiating with customers, providers, employees, partners, and investors. Professor Lars Stole set the foundations for me to understand and think in pure economic terms with his Microeconomics class. Also, I really enjoyed my Negotiations class with professor Ayelet Fishbach, where all those concepts from Micro come to life. It was very beneficial to understand the different approaches and mechanisms you can use to negotiate. <br/>

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This is Working for Me: Heather Brilliant, ’05

A financial whiz who studied economics at Northwestern, Heather Brilliant, ’05, worked full time as an equity analyst while attending Booth’s Evening MBA Program. After rising to the role of Morningstar’s global director of equity and corporate credit research, Brilliant moved from Chicago to Sydney in 2014 to take the role of CEO of Morningstar Australasia. Brilliant is passionate about Morningstar’s mission to help investors reach their financial goals. “Whether we are working with advisers, asset managers, or directly with an investor, we always have the end investor in mind as true north, guiding our decision making.”

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At Home, Abroad

Kendra Mirasol, ’93, had one major goal while growing up in Janesville, Wisconsin. “I remember always wanting to get out,” she said. She studied German in high school and moved across country for college at the University of California, Irvine. During college, Mirasol worked in a hotel in Lindenberg, a small Bavarian mountain town. “They spoke zero English,” she says. “It was so fantastic for exposure learning. You had to sink or swim.” After graduation, in 1989, just before the Berlin Wall fell, Mirasol lived in Kranichfeld, East Germany. She stayed with a pen pal whose family struggled to get by under Communist rule. “They were basket weavers—they got paid $1 per basket.” While attempting to leave the country, she was interrogated at the border for three hours because she forgot to file the correct paperwork at the police station. <br/>“Those are exciting experiences,” said Mirasol, now president of IOR Global Services, a global mobility and talent development solutions company. Without work- and study-abroad programs, she said, “My life would be so boring.” Mirasol came to Chicago Booth to supplement her German literature and language background with business acumen. She was able to maintain a global perspective during her interactions with international students. Mirasol could tell that a good friend of hers from Japan struggled to adapt to the direct, unfiltered mode of classroom discussion favored by some American classmates. “It was so difficult for him to even contribute one idea,” she recalled. “He was probably the smartest man in the school, and when I saw that happening, I felt I had a responsibility to facilitate.” These types of cross-cultural support are needed every day, around the world, on a personal level, and in boardrooms. In April 2016, Mirasol’s passion for international exchange—and for the broader benefits of a global economy—motivated her to accept a volunteer role on the board of directors at the nonprofit Cultural Vistas. <br/>

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How Do You Manage Millennials?

For the rising ranks of millennials in business, 2015 was a watershed year: they surpassed Gen Xers to become the largest generation present in the US labor force. Yet another milestone is on the horizon—Pew Research predicts the 73 million–strong cohort, born between 1981 and 1996, will overtake baby boomers as the country’s largest living adult generation sometime next year. Though millennials are no more or less a monolith than the generations that came before them, many managers have observed that members of this generation are bringing a markedly different set of values to the office than their predecessors. Millennials may be derided as tech-obsessed, approval-seeking job-hoppers, or praised as creative, adaptable idealists, hungry for personal growth. But one thing’s clear: they’re prompting executives across industries to reevaluate the traditional approach to management. We asked three Booth experts what the future holds. William Osborne, ’01 (XP-70), is senior vice president for global manufacturing and quality at Navistar Inc., a Fortune 500 company based in the Chicago area: Millennial employees take a fundamentally different approach to their professional lives, but they’re not the caricatures people make them out to be. They have a different value system regarding the role of work in their lives—work is one component, and not the centerpiece. They value experiences more than what I would call traditional rewards. For example, I just had an employee, an engineer, recently quit the company and move into a completely different position, in purchasing, with another company. It was a fundamental change, and the main reason he gave was that he lived downtown and the new company was downtown. For him, work was a means to support his lifestyle. <br/>This is not necessarily a bad thing. They’re more creative and more innovative—they look at things differently, and that’s what’s driving change. But they’re less willing to compromise personal growth and development for the sake of the corporation. <br/>

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The View From Seattle

Sean Lobo, ’09, will never forget the warm welcome to Seattle he received from the late Nicholas Waltner, ’90, Alumni Club of Seattle president at the time. “He ran it really well,” said Lobo, who moved from New York to Seattle in 2014 to work at Vulcan Capital. Waltner thoughtfully checked in to make sure that Lobo and his wife had a smooth transition to the Pacific Northwest.<br/><br/>“He was willing to open up his heart and time and energy,” Lobo said. “That left a lasting impression.”<br/><br/>Waltner’s life was tragically cut short in a 2016 traffic accident, but his memory lives on in Seattle’s active alumni club. Lobo, now the club’s president, wanted to continue Waltner’s legacy by welcoming Booth graduates who come to work at companies such as Microsoft, Amazon, and Starbucks as well as the many startups with Seattle offices.<br/><br/>“Our vision was to take what Nick had started and take it to the next level. We were focused on getting people back to events, and we did that with exciting and interesting content,” said Lobo.

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Combining Forces

When Andreas Angelopoulos, ’02 (EXP-7), became executive director of the Private Equity Institute at the University of Oxford’s Saïd Business School, he knew he wanted to capitalize on the combined brainpower of his alma mater and his new employer. With the support of Booth leadership and key faculty members, Angelopoulos has developed a triad of private equity–related programs under the Oxford Chicago banner: the Oxford Chicago Global Private Equity Challenge for the students, the Oxford Chicago Valuation Program for executives and alumni, and the Oxford Chicago Discussions for students and alumni. To make the programs successful, Angelopoulos called on graduates such as Nick Alexos, ’88, who cofounded Chicago-based private equity firm Madison Dearborn Partners LLC and is now executive vice president and CFO of York, Pennsylvania-based dental products manufacturer Dentsply Sirona Inc. We spoke with Angelopoulos and Alexos about the one-of-a-kind relationship between the two B-school titans.<br/>

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This is Working for Me: Sandra Stark, ’95

Fifteen years ago, Sandra Stark, ’95, went west to Seattle to Starbucks Coffee Company, where she worked with three others in new ventures, a group that behaved like a VC firm: buying Tazo Tea, introducing the Starbucks Card, and looking for other growth opportunities. She wasn’t managing a huge slice of the company’s total $22.4 billion business, as she does these days as a senior vice president managing the global product organization, but it gave her a first glimpse of the fast-growing company’s equitable culture. It’s this culture, she says, that informs “what we do and how we treat people—farmers, suppliers, partners in stores, customers—along the way. It permeates everything we do, it sets the tone, and it helps answer many, many questions. It’s our true north and it’s why I’ve been here 15 years.” A native of Waukesha, Wisconsin, and mother of three tweens, Stark recharges with her kids: skiing and playing tennis and basketball. “I have everything I could wish for in my life. Every single day I think, ‘I am so lucky to have this job.’” Coffee is the heart and soul of our business. Product is my responsibility: beverages, food, merchandise. It starts with coffee and expands from there. What’s the strategy? What’s the right portfolio? What’s the innovation? How are we staying ahead? Currently new to the mix are our Blonde Espresso, made with lightly roasted beans; nitrogen-infused cold brew, which is less acidic and richer tasting; and Teavana Tea Infusions. With merchandise, we’re thinking, what do our customers need to create the right coffee experience at home?

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The Book of Booth: Immanuel Thangaraj, AB ’92, MBA ’93

As managing director of Palo Alto–based Essex Woodlands, Immanuel Thangaraj has helped lead one of the world’s largest health-care- dedicated investment firms in raising over $2.4 billion and building more than 100 companies. In 2015, he spun out its early-stage investment activities into Park Lane Ventures, and he remains managing director at both firms. The 2003 Distinguished Alumni Award winner serves as co-chair of the Council on Chicago Booth and is a dedicated volunteer across the university.

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Pushing Through Turbulence

In 2001, T. D. Arkenberg, ’86, faced a myriad of crises. After keeping his sexual identity private well into his adulthood, Arkenberg made the difficult personal choice to come out to his parents. Only weeks after Arkenberg started a new position at United—a company he had been a part of since graduating from Booth—both the organization and the United States were thrown into chaos when two hijacked United flights, along with two aircraft belonging to American Airlines, were used in the 9/11 terrorist attacks. That fall, Arkenberg’s father succumbed to a long battle with cancer, and shortly after, his mother died unexpectedly. <br/>It was a year of learning how to survive. Less than a decade later, Arkenberg left United after 23 years at the company and embarked on a career as a writer.

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The Page Turner

When she walks into 57th Street Books, Sara Paretsky, AM ’69, MBA ’77, PhD ’77, is welcomed as an old friend and coconspirator—both of which are true to her legacy in Chicago and in the Hyde Park literary haunt. The best-selling mystery writer, who has just published her 21st book and greets everyone behind the counter by name, is clearly at home here. The city has inspired Paretsky since she arrived by bus at age 19 from Kansas to support the civil rights movement. Since that time—in 1966, what Paretsky calls “the touchstone summer of my life”—Chicago, and largely Hyde Park, has been her second-most-important protagonist. She went on to earn a PhD in history at the university and then an MBA from Booth. All the while she was concocting a unique alchemy of research and storytelling, fact and fiction, analytics and activism, that somehow makes the idea of a mystery writer with a business degree make perfect sense. <br/>

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Lab Results

Marcia Kraniak—79 years old, from the South Side of Chicago—went home from the hospital eight weeks ago. She had been admitted to the University of Chicago Medical Center (UCM) with congestive heart failure and spent three days there. Fluid had built up in her body, and her heart was too weak to pump enough blood. She couldn’t move around easily. Two months after leaving the hospital, however, she’s doing well on her new regimen at home. Shortly after Kraniak arrived in the UCM emergency department, hospital staff identified that her medical condition, her home life, and her mental state made it less than likely that she would get well after she went home. A new admissions algorithm predicted she might have to come back to the hospital soon. So the cardiology and nursing teams at UCM applied a special new protocol on her behalf. They gave Kraniak (a patient invented for this article) a detailed plan to take care of herself—including instructions to eat better, lay off the salt, and try to take a short walk every day—and simplified her medications to help her stay on her regimen and get well more quickly. In the past, hospitals didn’t closely monitor whether patients had to be readmitted shortly after an original hospital visit. If patients returned with the same health issues, they got patched up again, the hospital got paid again, and nobody tracked how many patients made this boomerang trajectory.

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On the Table

Mark A. Leavitt, ’83, the brand-new chief investment officer of New York–based Union Square Hospitality Group, has had a seat at some most-interesting tables. Those in the esteemed restaurants of his Trinity College classmate Danny Meyer are only the latest, including Union Square Cafe, Gramercy Tavern, and the Modern. (Union Square Hospitality Group also launched Shake Shack in 2004, as a permanent kiosk that grew out of a hot dog cart in Madison Square Park. It is now a separate public company with more than 75 domestic and international locations and a market value of about $1.2 billion.) Before joining USHG, Leavitt for nearly eight years led global technology, media, and telecommunications investment banking at Piper Jaffray. He’s been on the boards of the Harlem Globetrotters, Leap Wireless, TSF Communications, Trinity College, and several radio broadcasters, including Citadel Communications and US Radio. He currently serves as chair of the board of Jacob’s Pillow Dance Festival in Becket, Massachusetts, and, since Booth, has been working to grow and partner with companies at varied intersections of entertainment, media, and tech.

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Back to the Classroom

It’s late October, and students in a packed classroom at Gleacher Center are debating the merits of the Bank of Japan’s implementation of qualitative and quantitative easing. But these are not typical students—they’re already graduates who have returned to the classroom for the first installment of Back to Booth, a new series of two-day courses taught by faculty. The series was born when Sunil Kumar, dean and George Pratt Shultz Professor of Operations Management, envisioned ways to more deeply connect alumni with the school. Back to Booth comes as an addition to existing opportunities that allow alumni to take up to three complementary quarter-long courses, or attend discounted Executive Education programs that are typically five days long.

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This Is Working For Me: Vera Calasan

CEO Vera Calasan, ’08 (EXP-13), dismissed the widely held thinking that there aren’t enough engineers in Europe and cofounded Excellence AG–German Engineering two years ago to prove her point. Coming from a family of engineers, she saw the need for a McKinsey-like company that would employ engineers and source them by project to companies that need specific skills. Her vision paid off. She employs 200, and revenue hit €10 million this year. Buyers are interested, but she plans to hold off on an IPO until 2020. Calasan lives with her partner outside of Düsseldorf, Germany.

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Getting Back on the Beat

In 2002, 30-year-old Michael D. Armstrong, brand new to management with a brand-new MBA in strategy and marketing, made a radio buy without doing his research— making a few hundred thousand dollar mistake in his first managerial job. It nearly derailed his career. Today, as executive vice president and general manager of international brand development for Viacom, Armstrong tells us how he recovered—and shares his hard-won lesson about the importance of research.

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To Your Health

The Challenge: In the early 2000s, a 50 percent failure rate for mental-health-drug trials meant the Food and Drug Administration approved few new treatments for psychiatric diseases, says Amy Fershko Ellis, ’80, who cofounded MedAvante in 2002 to analyze how the pharmaceutical industry tested psychiatric drugs. Her team found the root cause of trial failure was measurement variability and investigator bias in subjective assessments of trial participants. MedAvante created a holistic methodology to improve testing, but the company encountered industry resistance as outsiders looking to change the way clinical trials had long been conducted. The Strategy: Ellis applied universal principles to product development. Because drug trials are conducted in various parts of the country and around the world, companies pay investigators to find, evaluate, and enroll patients. But differences between investigators result in unreliable outcomes. MedAvante, however, proposed a way to control and centralize the evaluation process, using the internet to connect remote clinicians to patients to ask the same questions in the same way and characterize patient responses identically. MedAvante also digitized the process and made it cloud based, so researchers would have instant results. To build credibility, MedAvante enlisted key medical and scientific leaders who believed in their strategy and concept—mostly academics who didn’t have an economic bias. In 2005, MedAvante’s first two trials involved drugs that had previously failed. The new methodology showed significant results demonstrating the drugs worked, and the treatments were approved. Even with those results, industry skepticism of MedAvante’s nontraditional approach meant slow methodology adoption. But by 2009 the psychiatry industry embraced the system, and MedAvante dropped the 50 percent trial failure rate to the low teens. In 2014, MedAvante expanded the platform for use in all medical drug trials, using new technology to enhance data quality for drug developers. New services were quickly adopted beyond psychiatry, especially in studies of Alzheimer’s disease, where the company now holds a leadership position. “We benefited from the halo we had from our success,” Ellis said. The Takeaway: A great strategy can work in all sectors, even if implemented by industry outsiders. If the strategy and results are sound, don’t be discouraged by naysayers.

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Meet the Founders

For entrepreneurs, tapping into a like-minded community can provide that extra push to keep going. That’s precisely the goal of the Polsky Founders’ Fund Fellowship, or PF3, at the Polsky Center for Entrepreneurship and Innovation, where nine entrepreneurs are spending the year growing existing ventures. PF3, now in its first official run, serves as a yearlong incubator for Chicago-based entrepreneurs, providing everything from funding to coworking spaces to quarterly check-ins. Graduating University of Chicago students, Booth students, and decelerating Booth students can apply for the program. Here’s a look at the newest fellows:<br/>

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The View From Hong Kong

Hong Kong is a metropolis on the move. Walk down its streets and a population of more than 7 million people surrounds you. Many locals spend their commutes consumed by the technology in their hands. It’s a global city that straddles both Asian and Western worlds. It’s also experienced profound growth. Since 1974, Hong Kong has seen an average of 5.3 percent annual growth in its GDP, and tens of millions of tourists visit each year. More than 7,600 skyscrapers and high-rise buildings, many with contemporary architectural designs, paint the city’s skyline, evidence of both cultural and financial advances. Leading high-end consumer brands have opened storefronts in the city, making it a shopping destination for the wealthy. Some 400 alumni call this former British colony home, and they’ll be the first to tell you: Hong Kong’s wealth extends far beyond its finances. <br/>

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The Book of Booth: Roxanne Martino, ’88

Roxanne Martino, ’88, landed her first job in finance after just a quarter and a half in the Evening MBA Program and hasn’t looked back since. The retired president and CEO of Aurora Investment Management and current managing partner of OceanM19 is an inaugural inductee in the InvestHedge Hall of Fame, and the first woman to co-chair the Council on Chicago Booth. You joined Aurora in 1990, just before the hedge fund industry took off globally alongside the rise of the internet. What was it like to be an entrepreneur at that time? It was thrilling. In the early years, we had a “creeping vine” approach to expanding our investor base—one happy investor telling another. That changed once people could search performance metrics online, and could then find us from all over the world. One of our first international clients was from Saudi Arabia. They contacted us after screening on performance data in an online database and requested firm information. We managed their capital for over 15 years. At the same time, hedge fund managers were becoming more global in their approaches. It truly became a global business on both the trading and investment sides, as well as among our clients and investors. How have career prospects changed for women in finance since then? When I went to my first hedge fund investment conference there were only about five women there—we kept in touch and, happily, most of them stayed in the business. While there are more women in finance today than there were then, there still aren’t enough women in leadership positions and on investment committees. To enable more women to attain leadership positions, they must first be hired into investment firms to get the required experience. We must all be vigilant because discrimination is often subtle. When interviewing candidates, make sure that the ratio of women is appropriate and you’re inviting women candidates to the second and third level of interviews. There are very few women CEOs period and even fewer in finance, so I try to make myself available to speak at conferences and women’s groups to assist women in finance in whatever way that I am able to help them.<br/>

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Chairman of the Bordeaux

Stephen Bolger, ’99 (EXP-4), made his name in international management, first in industrial minerals and then in technology. But when Bolger and his wife lost their first child, a decision to align his career with something that had true meaning to him—and the emotional intelligence gained at Booth—led him to pursue his passion for wine in the heart of Bordeaux. While at Booth, Bolger took a class focused on creative thinking, and what he learned there helped guide his career. After working internationally for years, and suffering that tragic loss, Bolger founded VINIV, a Bordeaux-based “experiential” custom-wine-making company that helps clients create not just a personalized product, but a story to tell for the rest of their lives. I will never forget the class I took with professors John P. “Jack” Gould and Harry L. Davis. It was focused on creative thinking and getting a better understanding of “Me, Inc.,” which—when you're a young rabble-rouser—gives you an opportunity to take a step back and think about what motivates you. <br/><br/>

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This is Working for Me: John Dwyer, ’94

In his first year as president of AT&T subsidiary Cricket Wireless, John Dwyer, ’94, has grown its prepaid wireless business in a market clogged with competitors. In the third quarter of 2016, AT&T reported 304,000 prepaid customer additions and 20 percent year-over-year revenue growth driven by momentum at Cricket. Dwyer has been in the wireless—and wired—phone industry since 1993 and credits a course he took at Booth with opening his eyes to the dazzling challenges in new ventures. Joining the wireless industry in its infancy made him a start-up guy in a giant corporation, and always an advocate for clarity: What’s the plan? Who’s accountable? Chicago born and raised, he calls Atlanta home, where he lives with his wife and two children and a rescue mutt, Lucky.

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Alumni Survey by the Numbers

As all alumni know, engaging in dialogue is a fundamental part of Booth’s culture. In that spirit, the business school part of Booth’s culture. In that spirit, the business school recently sent a survey to our alumni to ask about the things you value most—from the alumni community, to lifelong learning, to career support. Nearly 5,000 of you shared your insights, answering questions such as, “How do you participate in lifelong discovery?” and, “How would you rate the value of your investment in an MBA you rate the value of your investment in an MBA education at Booth?” We learned that the alumni community continues to get stronger: the vast of alumni highly rate the overall value of their investment in their MBA education. We discovered some fun facts too. For example, almost 70 percent of you sported some Booth swag at least once in the past year. Were you one of them? Dive into the data to see how you compare to your fellow Boothies:<br/>

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Meet the Women Shaking Up Business

A successful woman walking into a boardroom full of men. A junior employee seeing a male colleague get credit for her ideas. A new hire anxiously negotiating her salary offer that is distinctly below market value. Sadly, these types of situations are not yet scenes from a bygone era. Too often, women in business must walk a tightrope where assertive is characterized as “shrill” and leadership is denigrated to “bossy.” To address these issues, and continue to tackle the larger problem of gender inequality in business, it takes a community. Booth Women Connect Conference began in 2010 as an initiative to build that collaborative network, and to attract more women applicants to Booth. It has evolved into a can’t-miss annual event that brings together nearly four dozen accomplished speakers with alumnae, students, and Chicago business leaders for a day of collaboration, learning, and growth.<br/>

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What Will Your Workplace Look Like in 2028?

Jonathan Dingel, assistant professor of economics and James S. Kemper Foundation Faculty Scholar, teaches Managing the Firm in the Global Economy. If I were looking 10 years out, I would say the changing nature of work will particularly reward talent living in some of the world’s biggest cities. The concentration of college-educated workers is already increasing in big cities, including San Francisco and New York. That contributes to an increasing inequality of life between larger cities and less populated areas. As computerization causes routine work to be automated, certain types of nonroutine, cognitively intensive tasks will offer an even bigger reward. It’s becoming more important for us to interact with other highly skilled people to get innovative results.

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City-Centered Solutions

Urban centers are growing at the fastest rate ever, creating challenges and opportunities for improving the quality of life, societal outcomes, and global sustainability. For example, fresh approaches are needed to address challenges of mobility, housing, energy, food, infrastructure, safety, civic engagement, and the effectiveness and transparency of local government. A few factors are enabling new solutions and more entrepreneurial participation: advances in technology, business models applicable to dense urban environments, design thinking, an emerging ecosystem, and local governments that are more receptive to partnerships and flexible procurement procedures. This is an experiential lab course focused on entrepreneurship in the urban context. How do we develop profitable, scalable business models to solve urban problems? Through crowdsourcing? Alternative financing? Mobile technology? By using design tools, working in teams, going into communities, and learning from guest speakers and mentors, student teams tackle an urban challenge of interest.<br/>

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Booth 101: Exploration

It’s neither the craziest idea ever hatched in a hot tub nor the only one with unintended consequences. When David Collette, ’08, and his uncle Johann Straumfjord Sigurdson shared a bottle of brennivín, Iceland’s national aquavit, while gazing north at 300 miles of Lake Winnipeg, it seemed like an adventure worth taking. Both Canadians, they knew they descended from Icelanders—hence the caraway-flavored liqueur—and sailing from Manitoba up Hudson Bay, and from there to Iceland in search of their ancestors sounded like fun. The trip would take several weeks. They could look for artifacts and talk to people along the way, collecting oral histories and following Viking sagas. Six years later, Collette and Sigurdson are planning their fourth expedition, having formed a foundation, joined two exclusive groups of explorers, and traced their ancestors back to Snorri, the first child born to Europeans in North America and the son of Collette’s 26th great-grandmother. “We know that people from Iceland and Greenland—Vikings—came to Canada around AD 1000,” Collette said.

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Girls Will Be Entrepreneurs

Sharon Burns Choksi, ’98, had always struggled to find clothes she liked for her young daughter. She cringed and her daughter sighed as they walked past an endless number of shirts with only things like “sparkly kittens and dainty butterflies” on the front, she said. Maya, then 4 years old, loved trucks and baseball, but they could never find anything like that in the girls’ section. Instead, they encountered shirts emblazoned with phrases like “cutie pie,” “born to shop,” and “I’m too pretty to do homework, so my brother does it for me!” <br/>“One day, Maya turned to me and asked, ‘Mom, why do boys get all the cool stuff?’ Right then, I thought, ‘I’ll kick myself if I don’t try and do something about this,’” said Choksi. “If a 4-year-old girl was already absorbing that message, something was terribly wrong. Since the big retailers weren’t showing any signs of changing, I decided I had to try and create more positive options for girls.”

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Distinguished Alumni Awards 2016

Since 1971 we have celebrated innovative leaders across all industries, from finance to the arts, manufacturing to public service, and beyond. The Distinguished Alumni Awards honor individuals who continue to challenge and change the world we live in, exemplifying the resounding impact of Chicago Booth. Though they represent four distinct disciplines, our winners share a passion for forging new territory. Each has found a way to buck convention and create new opportunities through bold ideas and a clear vision for lasting impact. Susan Axelrod: Founding chair, Citizens United for Research in Epilepsy (CURE). Susan Axelrod, LAB ’70, MBA ’82, didn’t go looking for her career; it came knocking on her door when her seven-month-old daughter was

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The Jet Set

In order for Todd Musgrove, ’10, to get to the office, he takes a plane, a train, and a car. And he likes it that way. Every two weeks, the Tokyo-based founder of Flight Digital Media, a digital marketing and mobile development firm, hops a nearly five-hour flight to his Metro Manila, Philippines, office. He doesn’t stay at a hotel. Instead, a corporate apartment in the city makes it easier to commute with only a carry-on. In Manila, unlike in Tokyo, life revolves around the business—and he embraces the grueling schedule. “I work crazy hours when I’m there because I try to maximize my time,” said Musgrove, who relocated from Chicago to Tokyo with his wife and two young children five years ago. Musgrove is a supercommuter—a new kind of business traveler who often traverses multiple time zones just to get to the office. The career path is by choice, albeit not one without difficulties. Today’s so-called supercommuter is just as comfortable hopping on a three-hour international flight as his neighbor who may take the highway to work and spend 40 minutes in traffic. For supercommuters, it’s not simply about taking on a temporary assignment elsewhere: they are strategically flying to global hotspots in order to get ahead in their careers without uprooting their lives.

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Power Play

When Andrea Sreshta watched news footage of the devastating 2010 earthquake in Haiti, she remembers being struck by something former US president Bill Clinton said on CNN. “He pointed out how we take for granted that we can walk around at night and have streetlights,” said Sreshta, a Full-Time student. The former president’s comment got her thinking: Why hadn’t anyone developed an ultraportable light source that’s powered by solar energy? After all, growth in clean-energy industries, like solar, has been on the rise, partially due to the issue of climate change fueling energy innovations. Sreshta saw an opportunity to apply that sort of technology to help out in disaster areas.

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Out of the Box

Full-Time student Julia McInnis was mingling with a crowd of partygoers at the 2016 Sundance Film Festival when she found herself a stone’s throw away from Reed Hastings, the CEO of Netflix. It would have been daunting enough to introduce herself to Hastings alone, but he was flanked by Ted Sarandos, Netflix’s chief content officer, and the comedian Chelsea Handler, the latest star to join the streaming service’s fast-growing constellation of talent. It was a triumvirate of industry heavy hitters that can make small talk at Sundance an act of daring. “It took me a good 15 minutes to work up the courage to go over there,” McInnis said. Fortunately for McInnis, she didn’t have to pester Hastings with a standard elevator pitch. The documentary she helped produce over the past four years, Unlocking the Cage, had already been snatched up in a distribution deal with HBO. She wanted to speak with Hastings as a curious student of the entertainment industry, and she spied an opportunity just as Handler headed for the bar. “I said to him, ‘Hi, my name is Julia McInnis, and I’m an MBA student at Chicago Booth. We just did a case study on Netflix in my accounting class. I was wondering if I could ask you a few questions about your numbers.’” Hastings laughed, McInnis recalled, and said, “‘Yeah, you probably saw we’ve had some ups and downs over the years.’”

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This is Working For Me: Daniel Morissette

After eight and a half years as CFO of Stanford Hospital & Clinics in Palo Alto, California, Daniel Morissette is now senior executive vice president and CFO of Dignity Health. The San Francisco–based provider, the biggest in California and fifth largest in the nation, encompasses 42 hospitals and 60,000 employees. A Midwest native, Morissette savors the Bay Area’s 250-plus days of sunshine, often running three-to-five miles per day. When work, travel, and negotiations become stressful, he clears his head through prayer and meditation. “A great mentor of mine said, ‘Let’s close our eyes for a minute.’” As a mission-based health-care organization, we take care of all comers. Previously they were paying nothing. With coverage provided by the Affordable Care Act, we got a little bit of a financial boost. Over time, with preventive care, we hope to see far fewer tragic and painful cases. In a mission-based system, I get to strive for the same successes most businesspeople do and then reapply those earnings to society. If we efficiently charge and collect like any other firm and work on making the product better, both our revenue per patient and our margins go up. With that we can spend more on equipment to diagnose and screen, open additional facilities, provide even more help to the powerless and in impoverished areas, and hire more people. We do good things for people.

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Taking a Bite

When grocery store shelves and fast-food drive-throughs didn’t have what they were looking for, Booth students and graduates didn’t get frustrated. They got inspired. Sensing gaps in the fast-growing world of healthy eating, many of them are capitalizing on the booming good-for-you food movement to start, grow, run, and invest in businesses that bring nutrient-dense, locally sourced products to market. Booth grads are becoming thought leaders in the healthy-food business—a sector that’s growing exponentially and is expected to hit a record-high $1 trillion in sales worldwide next year. Healthy eating is hard to define. For some, it means buying whole foods free of additives; for others it means eating only organic fruits, vegetables, and meat from humanely raised animals; and still others focus on buying directly from farmers they know.<br/>

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A Welcoming Home

The companionship of scholars and the thrill of continuous learning are two wonderful aspects of a life in science,” Robert W. Fogel wrote in a short autobiography when he won the 1993 Nobel Memorial Prize in Economic Sciences. “When one is engaged with students who are both very curious and very bright, it is never quite clear who is teaching whom.” That passion for engaging with students stood at the core of the Fogel Dinner, one of the enduring legacies of the late Nobel laureate and longtime Booth professor, and his wife, Enid M. Fogel, the onetime associate dean of students at Booth. Together, they hosted the first Fogel Dinner in 1982 to welcome minority students at Booth to the school and the Hyde Park community. Each fall for the next three decades, Bob—as he was known to colleagues and students—and Enid opened the doors of their brownstone on University Avenue. After his wife’s death in 2007, Fogel continued the tradition until he passed away in 2013. <br/>

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The View from London

It’s a natural fit—graduates of a business school renowned as a finance powerhouse thrive along the banks of the Thames, making their mark in the world’s preeminent financial and banking hub. More than 800 Chicago Booth alumni live and work in the United Kingdom, home to one of the school’s overseas campuses at Woolgate Exchange, in the heart of London’s financial district. It serves as the headquarters of the Executive MBA Program Europe, anchoring the Booth community as a gathering place for students, faculty, and graduates alike.<br/>

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The Book of Booth: David Booth, ’71

In recognition of the largest gift to any business school in the world, the GSB became Chicago Booth in 2008. David Booth, ’71, serves as a lifetime member of the school’s business advisory council and on the Board of Trustees of the University of Chicago. A true path breaker, Booth this year made Forbes’s list of the 40 “Money Masters: The Most Powerful People in the Financial World,” and Institutional Investor honored him with the Manager Lifetime Achievement Award. CBM sat down with Booth in Austin, Texas, at Dimensional’s home office, for his take on leadership, impact, and the value of an MBA. How did Eugene Fama, MBA ’63, PhD ’64, help shape your career? I went to the University of Chicago for the PhD program. I was going to be a professor. After taking Fama’s class and then working for him, I realized I probably didn’t have what it takes to be a leading academic. I decided that my strength was in applying the concepts rather than necessarily trying to think up the next great idea.<br/>

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This is Working for Me: Carla Dunham, AM ’98, MBA ’03

Carla Dunham first arrived in Hyde Park not to study business but with the intention to graduate from the University of Chicago art history department with a PhD and become a professor. After completing a master’s degree in art history, Dunham switched gears and applied to Booth. “I was intrigued by the opportunity to take my career out of the library and into the larger world,” recalled Dunham, vice president of global brand strategy at Kate Spade New York. After Booth, Dunham tackled successively bigger roles at Target, Henri Bendel, Saks Fifth Avenue, and Amazon before moving to Kate Spade New York. Based in Manhattan with her husband and son, Dunham leads the team responsible for driving brand awareness across all marketing channels globally.<br/>

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A Workday With Todd Connor, ’07

According to Todd Connor, ’07, about 25 percent of the 250,000 active duty service members who get out of the military each year want to start their own business. In March 2013, Connor cofounded Chicago-based Flank 5 Academy, a personal incubator aimed at helping people launch a new career or business. The following year, he founded Bunker Labs, a Chicago-based organization that helps military veterans start and grow businesses. Military veterans and entrepreneurs like Connor now helm the 12 active Bunker Labs chapters throughout the United States, focused on expanding an ecosystem to support military veteran entrepreneurship in their communities.